Penalty on Outstanding Taxes

Balaiah (Others) (64 Points)

21 June 2010  

 

Dear Sirs,

 

For Individuals: 

 

1) The 1% monthly penalty for outstanding taxes payable is calculated as per simple interest or compound interest basis?

 

2) The number of months is calculated from the end of July or March?

 

Please let me know.

 

Balaiah